I’m just back from a private, invitation-only franchise conference. This is what I learned – pay attention to two specific categories of franchises that are booming.
1: “Need” vs. “want” franchises
Think home improvement/maintenance + repair services.
More people than ever work from home and study from home. With the real estate market tight and the cost of mortgages going up, people are fixing up and staying put. People need their houses to accommodate their work, school, and family style.
NOTE:
Franchises like handyman services and painting companies
DO NOT
require or even want the owner to do the work.
The owner hires subcontractors or employees as the business model indicates, executes the business and marketing plans, and functions from a management position.
2: Affordable luxury franchises – health, fitness, and beauty services
This may seem to contradict what I said about need-based businesses but it doesn’t.
Examples include haircuts, therapeutic massages, and fitness center memberships. In an uncertain economy, people might not be able to take a nice vacation. Yet, they can afford – and don’t want to do without – getting their hair cut or going to the gym.
ANNOUNCEMENT: On Wednesday, Feb 1st, at 11:30 a.m. Eastern, I will begin hosting the weekly Franchise Minute. A topical 60-second video will be followed by a live 15-minute Q & A session. Here is your sneak peek of the video.
